Sumitomo Corporation (TSE:8053) mad an offer to acquire 72.35835% stake in Sumitomo Precision Products Co., Ltd. (TSE:6355) from the group of shareholders for ¥14 billion on November 11, 2022. The consideration will be settled in cash. The offer price per share is ¥3,650.

Sumitomo Corporation will acquire all remaining 3,828,544 shares. If tendered shares will be less than 2,064,856 shares then Sumitomo will not acquire the tendered shares. The offer will commence from November 14, 2022, and will close on December 26, 2022.

SMBC Nikko Securities Inc. acted as a financial advisor, Nagashima Ohno & Tsunematsu acted as a legal advisor to Sumitomo Corporation (TSE:8053). Mizuho Securities Co., Ltd. acted as a financial advisor, Anderson Mori & Tomotsune LPC acted as a legal to Sumitomo Precision Products.